Search

Survey points to more signs of upsurge in business growth in the East of England

PUBLISHED: 12:02 20 January 2014 | UPDATED: 12:02 20 January 2014

Shay Lettice, a partner at PEM Accountants, Salisbury House, Station Road, Cambridge, chairman of the eastern region of R3, the national insolvency trade body.

Shay Lettice, a partner at PEM Accountants, Salisbury House, Station Road, Cambridge, chairman of the eastern region of R3, the national insolvency trade body.

Roger Adams Photographer 2011

New research from R3, the insolvency trade body, supports signs of significant business growth across the East of England and reinforces predictions of an upsurge in the local economy in 2014.

According to R3’s latest Business Distress Index, a record 82pc of Eastern region businesses are now showing at least one key indicator of growth, with over half (59pc) declaring an increase in sales volumes and a similar number (51pc) experiencing increased profits. Almost half (40pc) say their business is expanding and over one third (36pc) say they are growing their market share.

R3 has tracked five key indicators of UK business growth since March 2012, covering investment in equipment, increased sales volume, business expansion, increased profits, and growing market share. In R3’s latest survey, all East of England indicators have hit record highs, growing by unprecedented double digits since R3’s summer survey.

R3’s Eastern region chairman Shay Lettice, a partner at East Anglia accountancy firm Peters Elworthy & Moore, said: “These latest results are a welcome sign that the recovery is bedding in and gaining ground. The number of businesses with increased profits has more than doubled since the summer from 23pc to 51pc, and there is a similar story with regard to market share and investment in new equipment.

“After such a prolonged period of stuttering growth, this is highly encouraging. We’ve never seen such a rapid improvement from one survey to the next and I very much welcome being able to talk about good news for a change.”

R3’s latest survey also highlighted that half (51pc) of East of England businesses are feeling positive about their trading prospects and expect business activity to increase in 2014.

Mr Lettice added: “The willingness of businesses to feel more positive about their long-term future suggests a level of business confidence that has previously been missing. If this change in attitude can unlock business investment, then that bodes well for full economic recovery.”

Search hundreds of local jobs at Jobs24

1 comment

  • Yet another survey from a vested interest company

    Report this comment

    "V"

    Tuesday, January 21, 2014

Management Jobs

Show Job Lists

Newsletter Sign Up

Sign up to receive our regular email newsletter

Insight

For many the most thrilling part of starting a business comes in the early days, buoyed by those first sales when you might be running your fledgling enterprise from the kitchen table.

A global boom in the use of smart meters is set to fuel the growth of a pioneering East Anglian engineering company after it struck a major production deal with a leading Indian manufacturer.

Green 100

cover

Enjoy the Green 100
digital edition

Read
0

Meet the Team

Mark Shields

Business Editor

|

Chris Hill

Agricultural and Farming Editor

|

Business Most Read

Awards

Norfolk Future 50 EDP Business Awards Green 100

Business Most Commented